Indian shares were flat on Thursday as investors unwound positions ahead of a long weekend and global markets weakened on worse-than-expected US jobs data, dealers said. The benchmark 30-share Sensex index edged up 7.71 points, or 0.05 percent, to 17,134.55, a 16-month high. The stock markets will be closed Friday due to a public holiday. The markets were choppy as investors took profits. Automobile stocks fell while telecom rose.
Investors and analysts will track second-quarter earnings data from Indian companies that kicks off next week with software giant Infosys Technologies. The Sensex has risen more than 77 percent in the year, aided by strong overseas fund flows into India. Foreign funds have bought equities worth 12.44 billion dollars so far this year after selling shares worth 8.64 billion dollars during the same period last year.
Sentiment improved after the International Monetary Fund forecast on Thursday that China and India will lead Asian expansion as domestic stimulus measures spur demand. "Positive movements in European and US index futures markets helped the markets sustain in afternoon trade," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services.
Losers led gainers 1,663 to 1,123 on turnover of 65.06 billion rupees (1.35 billion dollars). Maruti Suzuki India fell 47.9 rupees or 2.82 percent to 1,651 on profit taking. Bharti Airtel rose 16.8 rupees or 4.01 percent to 435.35, after discussions for a tie-up with South Africa's telecom giant MTN were called off. Reliance Communications rose 10 rupees or 3.25 percent to 318, on reports it had struck a partnership with software giant Microsoft to offer Windows Mobile solutions on its wireless networks.
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